Business
Convertible Loan Notes extension, conversion, TVR
Convertible Loan Notes extension, conversion, TVR.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n\nRed Rock Resources PLC\n(\"Red Rock\" or the \"Company\")\nExtension of Convertible Notes and Warrants\nIssue of Shares upon Note Conversion\nTotal Voting Rights\n \n7 August 2023\nRed Rock Resources Plc, the natural resource development company with interests in gold and base metals, principally in Africa and Australia, announces (a) an extension to the term of its 12% Convertible Notes (\"Notes\"), and (b) the partial conversion, following extension, of the Notes.\nExtension of Notes\nThe Company announces, further to the announcement of 25 July 2022, in which it announced the issue of £623,000 of Notes with accompanying Warrants (\"Warrants\") to high net worth investors (\"Investors\"), that the Investors have agreed with the Company to extend the terms of the Notes and Warrants, including accrued net interest on the Notes, by one year to 18 July 2024 and 18 January 2026 respectively (the \"Transaction\").\nThe total amount of Notes outstanding immediately following the term extension was £689,840.\nThe conversion price of the Notes has been adjusted from 0.6p per new Red Rock ordinary share (\"Share\"), to a price 20% above the 30 day VWAP (volume weighted average price) for the period from 9 July 2023 (\"Price Establishment Period\" and \"Note Conversion Price\"), provided that the Note Conversion Price shall not be less than 0.2p and shall not be more than 0.6p per Share.\nThe exercise price of the Warrants has been adjusted from 0.8p per Share, to a price 25% above the Note Conversion Price, which means that it will fall between 0.25p and 0.8p, depending on the level established for the Note Conversion Price.\nUntil the establishment of the Note Conversion Price, Investors may from 28th July give notice to convert Notes up to the Share issuance level covered by existing authorities at a 20% premium to the VWAP for that part of the Price Establishment Period already elapsed, provided again that the conversion price shall not be less than 0.2p and shall not be more than 0.6p per Share. \nUpon the establishment of the Note Conversion Price, further authorities will be sought as may be required for the issue of Shares upon conversion of the Notes and in respect of arrangement fees of 3.5% (payable in Shares at 0.2p a Share).\nConversion of Notes\nSubsequent to the Extension of the Notes, the Company has r...